Best Asian Cities For Real Estate Investments In 2017
Commercial property is key. The survey, compiled by the Urban Land Institute with input from PricewaterhouseCoopers LLP, cited a boom in business process outsourcing, or BPO, and IT firms that are driving demand for new office space.
Not only is India the world's fastest-growing major economy, it may also offer Asia's best real-estate investments next year.
A survey has ranked Bengaluru and Mumbai as the region's top picks, vaulting both cities to lead a table of 22 Asian markets. The two cities only ranked 12th and 13th last year and were close to the bottom as recently as 2014.
Tokyo fell from first place in the 2016 rankings to the 12th position for next year, a reflection of growing discontent with the effect of Abenomics on a long-stagnant market.
Singapore, which ranked first in the survey in 2011 and 2012, fell to 21st for next year, down from 11th, the result of what PwC calls a "perfect storm" for the local property market.
Still, it's not all good news for India. The survey highlights that Asian investors are looking to diversify their property exposure outside of the region, especially into New York and London, driven by demand from China. Chinese buyers have been piling into bargain London property in the wake of Brexit, and scouring the globe for any available real-estate investment opportunity.